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The News: Bank of American and JP Morgan/Chase are seeking to stem the tide of foreclosures by renegotiating the terms of a select number of at-risk mortgages. Chase officials said their effort was not an act of charity or a response to government pressure. By renegotiating loans with borrowers, the bank is hoping to reduce the losses it incurs in the foreclosure process.
The Note: Charity!??? Perish the thought! God forbid that as we enter the Advent Season we should be mindful of widows and orphans or the humble and distressed. How repugnant to think we should incur some loss to help out our neighbor.
What a radically perverted culture we have become. The Fetish of the Commodity has devoured us.
©WCG, 2008
©WCG, 2008
